US ROUND-UP: Hecate Energy plans New York State s largest PV plant, Orbital Energy wins EPC contract for Arkansas project pv-tech.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pv-tech.org Daily Mail and Mail on Sunday newspapers.
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HOUSTON, May 17, 2021 /PRNewswire/ Orbital Energy Group, Inc. (Nasdaq: OEG) ( Orbital Energy or the Company ) today reported unaudited financial results for the three months ended March 31, 2021.
Financial and Operating Highlights:
Reported total revenues of $9.5 million for the first quarter of 2021, a 67% increase compared to $5.7 million for the first quarter of 2020;
Gross loss was $1.3 million for the first quarter of 2021, compared to gross profit of $0.6 million for the first quarter of 2020, the decrease was attributable to ramp-up costs at Orbital Power Services, start-up costs at Eclipse Foundation Group as well as the addition of Orbital Solar Services;
The Company expects improvement in margins during 2021 as Orbital Power Services continues to gain efficiencies and increase revenues, Orbital Telecom Services starts to contribute, larger Orbital Solar Services solar projects begin, and companies continue to learn to cope with the COV
J-Power subsidiary to turn Virginia coal plant into solar-plus-storage facility
Image: J-Power USA
Japanese power company J-Power is to convert a retired coal plant in the US into a 240MW solar-plus-storage facility through its local subsidiary.
J-Power USA, wholly owned by the Tokyo-based power producer, will work with funds managed by Fortress Investment Group to develop a 50MWac capacity solar facility and 190MWac battery energy storage system in Virginia. Called the Birchwood solar and storage project, construction is set to begin next year, with the facilities coming online in 2023.
The announcement comes after the closure of the coal-fired Birchwood Power plant last month, which has been in operation in King George, Virginia, since 1996 and became 50% owned by J-Power in 2007.
Orbital Energy Group Reports Fourth Quarter and Full Year 2020 Financial Results yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
Author Bio
Travis Hoium has been writing for fool.com since July 2010 and covers the solar industry, renewable energy, and gaming stocks among other things. Follow @TravisHoium
What happened
Shares of
Orbital Energy Group (NASDAQ:OEG) jumped as much as 37.1% in trading Tuesday after the company announced a new partnership. Shares were up 16.9% at 3:25 p.m. EST.
So what
Orbital announced an engineering, procurement, and construction (EPC) agreement with the newly formed Black Sunrise Half Century Fund. The fund is decommissioning coal-fired power plants across the U.S. and converting them to solar energy. Management expects the partnership to begin providing services in the second quarter of 2021.